GSTN has informed on 6th April 2021 about new updates on GST Portal deployed for taxpayers.
Various professionals have reported on twitter that they are able to view/ file TDS/ TCS Returns for April 2020 only instead of full year. In FY 2021-22, all months are showing instead of April 2021.
GSTN has recently posted an update on its official website http://www.gst.gov.in that “Quarterly taxpayers are able to see the GSTR3B tile for Jan, Feb and Mar 21. They are requested to file GSTR3B for the quarter Jan-Mar, 21 using tile for Mar, 21. The tile for Jan and Feb is being removed.”
GSTN has replied to the query as under: Invoices reported in IFF for Jan or Feb 2021 will not be reflected in quarterly GSTR-1 from Jan-March 2021. Please refer Rule-59(3) of the CGST Rules.
Immediately after logging in to GST portal, a pop-up for core business selection is showing as per attached image. The pop-up is asking for identifying the core business i.e. trader/ manufacturer/ service provider etc. This is mandatory in nature. If you want to change the selection in future, you may navigate to- My Profile >> Core Business Activity Status.
GSTN has recently twitted about some upcoming changes in GSTR-1 which are as under:
1. Column “Total Value” to be removed from Table-12 (HSN wise summary of outward supplies) of Form GSTR-1.
2. A new entry “Rate of Tax” to be inserted in place of Column “Total Value”. Thus, HSN code to be reported Rate Wise.
3. Changes in reporting of number of digit of HSN code as per Notification No. 78/2020- Central Tax and 79/2020- Central Tax Dated 15/10/2020.
The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals.
There are two methods for generating and paying challan under QRMP Scheme. First is Self Assessment Method (SAM) and Second is Fixed Sum Method (FSM); FSM is also called as 35% Challan Method.
As we know that Reconciliation is most important part of GST. Without Reconciliation between Books and Portal, we can not determine how much tax is required to be paid/ how much ITC is required to be claimed in next year’s returns. Reconciliation also enable us to make proper adjustments in relevant tables of GSTR-9. To ease our Reconciliation process, I have prepared two examples which will guide us about how to reconcile books with GST Portal and also how to make relevant adjustments in GSTR-9.
An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017.